JP225 Plummets At Start Of Trading Week

• 5 Oct 2021

USD/JPY

The USDJPY pair has stalled before reaching the 110.66 support level and despite huge selling pressure, the pair was unable to breach the support zone. Buyers have returned in early trading and the pair may now oscillate between the 110.66 and 11.50 price levels. 

 

 

 

 

GBP/USD

The GBPUSD pair continues its price recovery and is now testing the 1.361 resistance line. Selling pressure has begun to rise in the last few trading session and buyers’ conviction will be tested. The descending trendline has marked an upper bound for price action since May. 

 

 

 

 

EURUSD

The Eurodollar is beginning a recovery, however, bullish momentum appears too weak to support a rally attempt. A break towards a previous trading range is likely to be contained by the descending trendline. Momentum indicators are attempting a recovery from the oversold zone. 

 

 

 

 

USDCAD

The USDCAD has pulled back to break the ascending trendline, to the downside as oil price continue to soar. The sell-off has been moderate considering the moves in energy markets. The pair may now head back towards the 1.243 support line as price action is set to oscillate within the current range.   

 

 

 

 

USOUSD

USOUSD has pushed beyond the 75.74 price ceiling as strong bullish momentum drove the direction of price action in yesterday’s session. The question is; how long can the rally continue? Momentum indicators suggest that the pair is overbought, with a break of the 70 resistance line on RSI.  

 

 

 

 

JP225

The JP225 has plummeted towards the 27,654 support line as bearish momentum rose significantly in yesterday’s trading. A spinning top candle in today’s trading may result in some bullish recovery, but at the least, has but the breaks on a strong sell-off.  

 

 

 

 

NDX100

The NDX100 has broken the 14,831 support level with bearish sentiment dominating price action un yesterday’s trading. The sell-off appears to have stalled at the ascending trendline which has not been tested since April. Momentum indicators are testing oversold conditions.